Big changes this week, surprising and confusing -- mostly good news here, trouble overseas, and an astounding political turn for the better for mortgage credit. On Wednesday the 10-year T-note broke out the bottom of a well-defined four-month trading range 2.6 percent-2.8 percent to 2.5 percent. That's the lowest since last November, and at the threshold of a deeper drop. Mortgages moved toward the 4.25 percent area. Europe's awful numbers were as much cause as any: In the first quarter an overall GDP gain of 0.2 percent, but Finland entered recession, and Italy shrank 0.1 percent, Portugal by 0.7 percent and Holland by 1.4 percent. Visit Pimco.com and its "secular outlook" for a grim rundown on the emerging world, and a new forecast that a zero percent Fed is now open-ended normal. ...
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